What Is Web3 Marketing And How Is It Different From Traditional Marketing?
The internet world is changing. As a digital marketer, you need to understand the new wave, to explore better ways to connect with your target audience.
Web2 gives way to Web3. Traditional marketing tactics will have to be reformulated. In Web3 marketing, new strategies have to be employed.
Web3 is built on blockchain technology. It is decentralized, with greater transparency. Users control their data. Transactions can take place without intermediaries.
To promote your brand on Web3, you need decentralized marketing. It relies on blockchain technology and smart contracts.
For example, in Web3 marketing, you can:
- Use cryptocurrency-based rewards and incentives.
- Use a peer-to-peer approach for greater reach.
- Use community-driven marketing campaigns.
Let us explore how Web3 marketing differs from traditional marketing, as well as its benefits and best practices.
The Differences Between Web3 Marketing and Traditional Marketing
Here are the main differences for you to keep in mind.
- Traditional marketing relies on a centralized system. Information flows top-down. In Web3 marketing, you use decentralized networks. These are transparent and distributed.
- In traditional marketing, consumer data can be gathered and used without express consent. Web3 marketing is characterized by trust and privacy. Users have control. Consent is critical.
- In traditional marketing, discounts, samples and other special offers are used as incentives. Web3 marketing rewards are linked to cryptocurrency, tokens and NFTs.
- In traditional marketing, brands build communities by distributing messages and getting feedback. Web3 marketing involves users actively in content creation and spread.
In a nutshell, consumers have an active role to play in Web3 marketing. They are empowered in terms of consent and content. A key change from their passive role in traditional marketing.
The Benefits of Using Web3 Marketing for Your Brand
The Web3 system of user empowerment and decentralization has many advantages.
- When consumers willingly agree to share their data, they will be more interested in what brands have to say. They will be more open to building a relationship.
- Such data also leads to greater advertising opportunities. For example, messages can be better personalized and targeted.
- Blockchain marketing keeps clear records of transactions and user activity at all times. Creating trustworthy and reliable environments.
- Cryptocurrency is often the default mode of Web3 marketing transactions. Marketers can eliminate intermediaries. You can expect reduced transaction fees and more efficient payment systems.
- Much of Web3 marketing is community driven. Healthy and active communities boost user loyalty and retention.
- User-generated content can multiply the efforts of Web3 marketing. Such content is an authentic expression of consumer needs and desires.
Web3 Marketing Campaign Case Studies
Brave is a web browser that emphasizes privacy. It blocks trackers and ads. It offers strong built-in protection.
To benefit users, they launched a system of Brave Rewards. You can earn rewards known as Basic Attention Tokens for the ads you see in the browser. The user controls the type of ads as well as where and how they are displayed.
The tokens you earn can be exchanged for both fiat and cryptocurrencies. They can also be used to purchase gift cards. Users can contribute tokens to websites and content creators.
Axie Infinity is a blockchain-based game that allows users to collect, create, and battle virtual creatures. These are a form of NFTs. Users can buy, sell, and trade them in a vibrant community.
Axie Infinity has a play-to-earn model that rewards users with virtual tokens. Participants are encouraged to be active and creative in the model. In this way, the game creates loyal stakeholders who earn digital rewards.
The fashion house of Gucci has been an early adopter of Web3 marketing strategies. One of their successful ventures was called SuperGucci. This was in collaboration with a group of virtual artists called SuperPlastic.
They launched a series of ultra-limited NFTS and ceramic figurines. Users who purchased the NFTs were entitled to exclusive figurines. These were shipped to them in the real world.
Some Best Practices for Web3 Marketing Strategies
- Understand and use all aspects of emerging technology. The building blocks are blockchain and decentralized networks. Other aspects of the marketing evolution are virtual reality and AI applications.
- The focus should be on community building. You must take steps to build strong and loyal relationships. Some activities are community meet-ups, webinars and events.
- Reward users with crypto, NFTs, and privileged access for engagement.
- Be transparent and respect privacy. Clarify your intentions, values, and personal data use.
At Blaze, we are dedicated to helping marketers optimize Web3 marketing. To find out more, register with Blaze at: https://dashboard.withblaze.app/signup/?&utm_source=Blogs&utm_medium=Web3&utm_campaign=Strategic